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said, look, instead of raising the tax rates why don't we close loopholes in the tax system, make the tax system more efficient and stop picking winners and losers. i think that's the latest offer the republicans have put on the table. they're not opposed to a tax increase. they're basically saying let's do it the right way in a way that doesn't hurt the economy. >> yeah, but stephen, you could close every loophole that's out there and that wouldn't make up for our deficit. >> no, but the president's plan of raising taxes on the rich, let's assume even he has his way. let's assume republicans go along with his plan. that at best raises about $70 billion a year. that leaves us with a trillion dollar deficit. this puts the president i think in a little bit of a hole. if the republicans give his way, what's plan "b"? what do we do next to deal with the deficit? the president and tim geithner basically this weekend said we've got plans to cut entitlements by 400 bill or ion 500 billion dollars. that's over ten years. we have a much bigger hole than i think anyone in washington is willing
said, look, instead of raising the tax rates why don't we close loopholes in the tax system, make the tax system more efficient and stop picking winners and losers. i think that's the latest offer the republicans have put on the table. they're not opposed to a tax increase. they're basically saying let's do it the right way in a way that doesn't hurt the economy. >> yeah, but stephen, you could close every loophole that's out there and that wouldn't make up for our deficit. >> no,...
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the republican plan would raise tax revenue by not extending the current obama cut in payroll taxes. but the republican plan still refuses to raise the top income tax rates. yesterday, treasury secretary tim geithner made it clear that there can be no deal without higher top tax rates. >> last question, can you promise that we will not go over the cliff? >> no, i can't promise that. that's a decision that lies in the hands of the republicans that are now opposing increases in tax rates. if they recognize the reality that we can't afford to extend those tax rates, then we have a basis for the agreement and that's going to be the responsible thing to do and my judgment is they are going to do it. >> joining me now, ezra klein, huffington post, ryan grim. ezra, what do you make of the boehner proposal that was kind of cribbed from erskine bowles? >> two things. one, republicans are terrified about by the polls showing that they are going to immediately get blamed if they are not willing to compromise. the reason you initiate the bowles' plan is you say, look, they are going along with t
the republican plan would raise tax revenue by not extending the current obama cut in payroll taxes. but the republican plan still refuses to raise the top income tax rates. yesterday, treasury secretary tim geithner made it clear that there can be no deal without higher top tax rates. >> last question, can you promise that we will not go over the cliff? >> no, i can't promise that. that's a decision that lies in the hands of the republicans that are now opposing increases in tax...
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i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their will? do they just figure they won, they are going to get what they want? >> i have no idea, chris. if i knew, i would share it with you but i don't think what they are thinking. >> do you think they are being bullies? >> i think they won the election, they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> and again, because you kind of didn't answ
i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game?...
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and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president has done, going to congress and said, going out and encouraging people to tweet and post on facebook my 2k, meaning the $2,000 they would get in the extended tax breaks for the middle class. but he is also meeting privately with ceos. he has a bad relationship with wall street and with corporate america generally. he has presented much of this plan. what's the feedback he's getting? >> there will be a big recession if you don't get behind him. i'm finding many republican ceos -- by the way, most ceos are republican. they are on board. they are not on board with
and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president...
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now in retrospect i could have told barack obama in 2009 if you had a third of the package as tax cuts then republicans who are traditionally more comfortable with tax cuts may just pocket that and attack to other components of the program. that is exactly right. it appears that the president's team has finally learned that lesson, which is very reassuring. i'm going to bring in michael shure, our epic political correspondent. they're even running ads now or it seems like ads campaign ads even though the campaign is over. let me show you one of them, and then get your reaction. [ ♪ music ♪ ] >> the polling is with the president. the clear mandate of this election was that the majority of americans agreed with president obama's vision of one of the ways to fix the fiscal cliff had to be to put new revenues and raise the tax rates of the wealthiest americans. [ ♪ music ♪ ] >> cenk: so taking this case to the american people fighting strong, making his own case which he we've been asking him to do for four straight years. my reaction was this. >> flabbergasted. [ laughing ] >> cen
now in retrospect i could have told barack obama in 2009 if you had a third of the package as tax cuts then republicans who are traditionally more comfortable with tax cuts may just pocket that and attack to other components of the program. that is exactly right. it appears that the president's team has finally learned that lesson, which is very reassuring. i'm going to bring in michael shure, our epic political correspondent. they're even running ads now or it seems like ads campaign ads even...
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we've got four years of regulation taxes. he wants to add higher taxes to that. tea party, too, is going to dwarf tea party one if obama pushes us off the cliff. >>> another major story from the weekend, it was an emotional weekend in the nfl and in kansas city as the chiefs took the field on sunday just 24 hours after a tragedy involving a key member of their team. police say linebacker jovan belcher shot and killed his girlfriend, the mother of his infant daughter. minutes later he took his own life in the parking lot of arrowhead stadium where the chiefs play right in front of his coaches. nbc's tan trareporter. >> reporter: kansas city head coach romeo crennel wiped away tears on the sideline one day after witnessing linebacker jovan belcher taking his own life. >> i'm choosing not to answer any questions about what i saw yesterday. and i think that you will understand that, and hopefully you will respect my wishes on that because it wasn't a pretty sight. >> reporter: belcher shot himself here at this practice facility at famed arrowhead stadium. crennel tol
we've got four years of regulation taxes. he wants to add higher taxes to that. tea party, too, is going to dwarf tea party one if obama pushes us off the cliff. >>> another major story from the weekend, it was an emotional weekend in the nfl and in kansas city as the chiefs took the field on sunday just 24 hours after a tragedy involving a key member of their team. police say linebacker jovan belcher shot and killed his girlfriend, the mother of his infant daughter. minutes later he...
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, more tax revenue? the president responded, high-end tax cuts do the least for economic growth and cost almost $ 1 trillion. extending middle class cuts boosts consumer demand and growth. the white house released a video today showing how president obama has been consistent on his message throughout the last couple of years. it was central to his campaign. >> we need to give tax relief to working families trying to raise their kids to keep them healthy, send them to college, keep a roof over their heads. that's the choice in this election. that's one of the reasons i'm running for a second term as president. >> how quickly we forget. in the words of secretary timothy geithner, this is why republicans have no choice but accepting the tax increases on the wealthiest americans. >> why does it make sense for the country to force tax increases on all americans because a small group of republicans want to extend for 2% of americans? why does that make any sense. there's no reason why that should happen. we ca
, more tax revenue? the president responded, high-end tax cuts do the least for economic growth and cost almost $ 1 trillion. extending middle class cuts boosts consumer demand and growth. the white house released a video today showing how president obama has been consistent on his message throughout the last couple of years. it was central to his campaign. >> we need to give tax relief to working families trying to raise their kids to keep them healthy, send them to college, keep a roof...
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if they do nothing, everyone's taxes go up and automatic spending cuts take effect. still, it appears congress and the president are digging in with no deal in sight. >> if they are going to force hi higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's a choice they're going to have to make. >> this isn't an issue about democrats or republicans. my goodness, this is about our country. >> well, one thing both sides agree on is the government needs to raise more money. how much? how they do it? those are two of the many sticking points and the clock is ticking. >>> a series of suicide car bombings leave five people dead in eastern afghanistan today. inis yo no reports of any u.s. casualties. the taliban has claimed responsibility for the attacks. >>> and in wyoming a college teacher may have saved the lives of several of his students. authorities are praising the instructor's actions. he tackled a man who barged into the classroom, shooting the instructor in the head with a hunting bow. more startling,
if they do nothing, everyone's taxes go up and automatic spending cuts take effect. still, it appears congress and the president are digging in with no deal in sight. >> if they are going to force hi higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's a choice they're going to have to make. >> this isn't an issue about democrats or republicans. my goodness, this is about our country. >> well, one thing both...
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their payroll taxes might. their income taxes are not. and that is huge. and the truth is, from what i'm hearing, the top 2% better start making financial plans. >> there's no question about that. what's wrong with this proposal? >> look, there are parts of this proposals are reasonable. the bigger problem here is, if the president is sticking to this position, at least for the time being that he outlined last week, would be the equivalent of the republicans saying we want the ryan budget, we want marginal tax rates cut across the board 20%. i'll tell you, steve, i think he has dug in, he spent more time on the phone this week from what i understand with steve israel, chairman of the democrat chair than he did with john boehner. tell me what he's telling those hard left groups about his position and how he can walk back to something more reasonable like something that tom's for. given what he's saying with these hard left groups. >> he's trying to do something different than he's done before. which is take his message outside the beltway, outside of capito
their payroll taxes might. their income taxes are not. and that is huge. and the truth is, from what i'm hearing, the top 2% better start making financial plans. >> there's no question about that. what's wrong with this proposal? >> look, there are parts of this proposals are reasonable. the bigger problem here is, if the president is sticking to this position, at least for the time being that he outlined last week, would be the equivalent of the republicans saying we want the ryan...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. [ man ] in hong kong, on my way to the board meeting... anne's tablet called my phone. anne's tablet was chatting with a tablet in sydney... a desktop in zurich... and a telepresence room in brazil. the secure cloud helped us get some numbers from my assistant's pc in new york. and before i reached the top, the board meeting became a congrats we sold the company party. wait til my wife's phone hears about this. [ cellphone vibrating ] [ female announcer ] with cisco at the center, working together has never worked so well. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. [ man ] in hong kong, on my...
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remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do, too, you say some of the things we enacted as emergency measure during the great recession are going to either be taken away or tapered down. and that's part of the logic of including some cuts or some reduction in the extension of unemployment, food stamps and other things. >> but okay, we're going to talk about the reality of being poor in america and the next couple of block. the notion that you can start kicking people off food stamp rolls because we're in a recovery. if you look at how much money people are make, the stats, economic impact of giving a person a dollar in food stamps equals
remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do,...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and clean for our communities and the environment. we're america's natural gas. but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. anne's tablet called my phone. anne's tablet was chatting with a tablet in sydney.
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m] you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a m
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m]...
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what's going to be certain is taxes are going up. either we go off the cliff or the curb and then taxes rise for everybody and then maybe they get repealed for the middle class and others or we reach a deal and taxes go up for the wealthiest 2% and everybody else breathes a sigh of relief. there's some $2 trillion in cash sitting on the balance sheets of corporate america waiting to be put to work. the reason it hasn't been put to work is because of uncertainty. taxes are going to go up, the deficit is going to be reduced, some of that money is going to be released. just like ed schultz said, this is all very good news for the american economy. >> so basically the uncertainty is what's providing the certainty moving forward because people across the country will look at this and the hand wringing that's taking place in washington, d.c. back and forth. the framework that could come out of this could mean a much better booming economy? >> i think so. what's been holding back the 2d trillion on the sidelines is corporate ceos didn't kno
what's going to be certain is taxes are going up. either we go off the cliff or the curb and then taxes rise for everybody and then maybe they get repealed for the middle class and others or we reach a deal and taxes go up for the wealthiest 2% and everybody else breathes a sigh of relief. there's some $2 trillion in cash sitting on the balance sheets of corporate america waiting to be put to work. the reason it hasn't been put to work is because of uncertainty. taxes are going to go up, the...
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. >> what i've suggested is let's put a down payment on taxes, let's let tax rates on the upper income folks go up. let's let those go up. and then let's set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform. we look at what loopholes and deductions both democrats and republicans are willing to close. and it is possible that we may be able to lower rates by broadening the base at that point. >> joining me here in washington are congressman tim walls, democrat from minnesota, and karen finney, the former dnc director and msnbc analyst. you introduced today in the house a discharge petition which is a way for normally the minority to try to get, to force a vote on something that the leadership doesn't want. this petition would basically bring to a vote in the house the bill that the senate passed, which is basically the president's version of the tax structure that he would like to see. what's happening with the discharge petition? >> we have 151 people signed on to it. i think we have momentum. >> how many signatures do you need? >> 218.
. >> what i've suggested is let's put a down payment on taxes, let's let tax rates on the upper income folks go up. let's let those go up. and then let's set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform. we look at what loopholes and deductions both democrats and republicans are willing to close. and it is possible that we may be able to lower rates by broadening the base at that point. >> joining me here in washington are...
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middle class tax cuts to proceed? that's their choice, and i think people like tom cole recognize that it's unsustainable to take the position that nobody gets tax relief because they hold out for folks with 250,000 and over to get this extra tax cut on the portion of their income above 250,000. after all, what the president is saying on that part of your income above 250,000, you're going back to the clinton era tax raites, which is 4 cents on the dollar. >> congressman van hollen, thank you for your time. we'll see what happens next. thank you, sir. >>> we could soon learn who the president wants to be the next secretary of state. chuck todd says a decision could come this week, but as we get closer to a decision, the partisan divide over the potential nomination of susan rice, considered the front-runner, seems to be intensifying. >> when it comes to susan rice as far as lindsey graham is concerned i find great fault with what she said on 16th of september. in other areas i find her lacking when it comes to being t
middle class tax cuts to proceed? that's their choice, and i think people like tom cole recognize that it's unsustainable to take the position that nobody gets tax relief because they hold out for folks with 250,000 and over to get this extra tax cut on the portion of their income above 250,000. after all, what the president is saying on that part of your income above 250,000, you're going back to the clinton era tax raites, which is 4 cents on the dollar. >> congressman van hollen, thank...
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setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be
setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal...
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here in missouri, the state will take about 4% in taxes. in arizona, about 5% this taxes. plus there's the federal taxes that are all involved. but really at the end of the day, who is complaining. when you have so many millions of dollars as a winner, giving the government some of it is no big deal because there's no way one person or even a group people could ever spend this much money in a lifetime. >> kerry reporting from columbia. we'll let you get back on the record to dearborn. >> we'll go find the winner and see what he tells us he'll do with the money. >> maybe he can buy you lunch and replace the $2 that you just threw away. >> that was my lunch money yesterday. i'm hitting you up. >> i'll get you lunch no problem. thank you, sir. >>> so i want you to look at this picture because you are now meeting the republican committee chair men. emphasis on men. made wliselissa harris perry so off on whether gop learned anything from the election. and now to john boehner. >> -- sending the economy over the fiscal cliff. two weeks ago we had a very productive conversation at
here in missouri, the state will take about 4% in taxes. in arizona, about 5% this taxes. plus there's the federal taxes that are all involved. but really at the end of the day, who is complaining. when you have so many millions of dollars as a winner, giving the government some of it is no big deal because there's no way one person or even a group people could ever spend this much money in a lifetime. >> kerry reporting from columbia. we'll let you get back on the record to dearborn....
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only on the top income tax brackets. another senior republican lawmaker who asked not to be identified this time told reuters that the democratic bill could pass in the house of representatives if john boehner would allow such a bill to be brought to the house floor for a vote. here is boehner speaking about the president earlier today. >> members of his own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> speaker boehner doesn't want to propose spending cuts, so now he's trying to pressure the white house to do it. >> there's been no serious discussion of spending cuts so far. and unless there is, there's a real danger of going off the fiscal cliff. >> a reporter asked senate majority leader harry reid about speaker boehner's comments. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect then? >> i don't understand his brain, so y
only on the top income tax brackets. another senior republican lawmaker who asked not to be identified this time told reuters that the democratic bill could pass in the house of representatives if john boehner would allow such a bill to be brought to the house floor for a vote. here is boehner speaking about the president earlier today. >> members of his own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. [ tires squeal ] and if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. call... to switch, and you could save hund
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s...
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nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the debt ceiling. i want to play what senator mcconnell has said regarding the president and the portion of his proposal that included the debt ceiling. let's play it. >> the last person who should have limitless borrowing power. look, the only way we cut spending around here is by using the debate over the debt limit to do it. >> i bet you don't agree with that? >> i don't agree with that. we've seen what happens. we've been brought to the brink and don't want to go back to 1995 when the folks walked out and government was shut down. what did we accomplish? i think even mr
nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the...
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Dec 3, 2012
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in the letter we know the sticking point is the tax rates. the speaker says, quote, notably the new revenue in the boles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree in order to protect small businesses and our economy. instead new revenue would be generated through pro-growth tax reforms that closes special interest loopholes and deductions while lowering rates. you see in this latest proposal while they offer up pour savings by saying, look, we can tax the rich people through the $800 billion figure. we can find more savings in entitlements reforms and more savings in discretionary spending more so than the budget control act. they're still holding firm on that pledge not to raise the tax rates towards the bill clinton era. how will this play around in the white house? we don't know. this tax rate point has been a very difficult sticking point. both sides have stayed on and they continue to stay on this in their second offer. what you see is some sort of possible framework for a large s
in the letter we know the sticking point is the tax rates. the speaker says, quote, notably the new revenue in the boles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree in order to protect small businesses and our economy. instead new revenue would be generated through pro-growth tax reforms that closes special interest loopholes and deductions while lowering rates. you see in this latest proposal while they offer up pour savings by saying,...
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Nov 29, 2012
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. >> read my lips, no new taxes. and when he violated that pledge -- >> off with his head! ♪ >>> we begin with a very busy day in washington and an array of meetings that would put your average speed dating event to shame. as we know, politics sometimes makes strange bedfellows. in this case one unusual lunch day. this afternoon the president hosted his vanquished rival, mitt romney. no word yet on if mr. romney found the cookies up to his rig rouse standards or how many white house beers the president decided to drink. we're also holding out hope that a savvy waiter or waitress caught at least 47% of the lunch on cell phone video. while in washington romney also met with his former running mate, the marathoner paul ryan, and offered a few kind words about him to the press. >> mr. romney, how was your meeting with mr. ryan today? was it nice to see him? >> that's a greet friend. good to be with him. >> good to be with him? >> always great to see paul ryan. >> while today's lunch was perhaps an opportunity to shake after a hard fought campaign, not everybody was feeling so
. >> read my lips, no new taxes. and when he violated that pledge -- >> off with his head! ♪ >>> we begin with a very busy day in washington and an array of meetings that would put your average speed dating event to shame. as we know, politics sometimes makes strange bedfellows. in this case one unusual lunch day. this afternoon the president hosted his vanquished rival, mitt romney. no word yet on if mr. romney found the cookies up to his rig rouse standards or how many...
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Dec 1, 2012
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because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the economy. >> they agreed that tax cuts should be renewed for everybody making less than $250,000 a year. but democrats want the tax cuts for the very wealthy to expire. >>> and reigniting the trayvon martin debate, and whether the famous "stand your ground law" should be out lawed. and may havs where bacteria can multiply. polident is designed to clean dentures daily. its unique micro-clean formula kills 99.9% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing with toothpaste. that's why i recommend using polident. [ male announcer ] polident. cleaner, fresher, brighter every day. a new way to save on your prescriptions. it's the aarp medica
because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the economy. >> they agreed that tax cuts should be renewed for everybody...
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Nov 30, 2012
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this is about tax cuts. the president is saying, renew the payroll tax cut. give tax cuts to every dollar earned up to $250,000. i don't know what they're thinking, thomas. but obviously, they are putting it all on the line for the koch brothers and sheldon adelson who earn billions of dollars. they're selfish. and there's a group called patriotic millionaires who are saying please, please, tax us fairly. and here's the point. the president is saying to the millionaires and billionaires, we're just taking you back to the tax rates that you had when bill clinton was president. and i would like to remind everybody, we had the greatest prosperity then when everyone paid their fair share. 23 million new jobs. and why is it? because the middle class had the money to spend out there, to stimulate this economy. it's a consumer-driven economy. about 70% of the economy is consumer driven. and the other thing the president put on the table, i understand, is refinancing proposal. >> right. >> where people trapped in 7%, 8% mortgages can go down to 4% and 5% mortgages ha
this is about tax cuts. the president is saying, renew the payroll tax cut. give tax cuts to every dollar earned up to $250,000. i don't know what they're thinking, thomas. but obviously, they are putting it all on the line for the koch brothers and sheldon adelson who earn billions of dollars. they're selfish. and there's a group called patriotic millionaires who are saying please, please, tax us fairly. and here's the point. the president is saying to the millionaires and billionaires, we're...
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Nov 29, 2012
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we want increased taxes. if republicans, if you guys want entitlement reforms, you need to name them. republicans are saying, the white house and democrats know what we want when it comes to medicare, when it comes to social security. they need to actually come out and pick them. democrats, on the other hand, are almost kind of like, no, you guys need to name this stuff first before we start talking about it. again, thomas, we really are in the stage right now where this is a lot more about pr. it's about press conferences rather than hard negotiating. which we won't reach until about mid-december. >> mark murray, thank you, sir. i appreciate it. >>> coming up in less than a half an hour from now, the start of the u.n. general assembly session that is expected to result in an overwhelming approval of a resolution recognizing palestine as a state. that resolution is strongly opposed by israel and the u.s. which failed n eed in its effor prevent today's vote. joining me now is israeli vice minister, silvan shal
we want increased taxes. if republicans, if you guys want entitlement reforms, you need to name them. republicans are saying, the white house and democrats know what we want when it comes to medicare, when it comes to social security. they need to actually come out and pick them. democrats, on the other hand, are almost kind of like, no, you guys need to name this stuff first before we start talking about it. again, thomas, we really are in the stage right now where this is a lot more about pr....
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Dec 4, 2012
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one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the im
one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other...
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Dec 5, 2012
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low tax small government party. the other party leadership proposes, wait for it, $800 billion in tax increases. it's noted that the democrats have celebrated the proposal put out by president obama. meanwhile, you have a number of republicans slamming speaker boehner. how would you describe his position right now? >> well, he really didn't win for losing. he's trying to say to president obama if i wanted topaz your proposal i can't do it. he's really truly between a deal and promise and getting the fight over with and a conference that won't allow it. i think what senator demint is saying and house republicans are saying to john boehner is, let's go over the cliff. that we can live with the sequester and we absolutely will not raise tax rates no matter what. what that does is eliminate all of the tax cuts and then there's a new fight in january to push obviously by the democrats to restore tax cuts for 98% of americans. and then that will be muddied by the need for a debt ceiling increase and the fight goes in to f
low tax small government party. the other party leadership proposes, wait for it, $800 billion in tax increases. it's noted that the democrats have celebrated the proposal put out by president obama. meanwhile, you have a number of republicans slamming speaker boehner. how would you describe his position right now? >> well, he really didn't win for losing. he's trying to say to president obama if i wanted topaz your proposal i can't do it. he's really truly between a deal and promise and...
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Dec 2, 2012
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the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other. that still appears to be what they're doing, no? >> i think right after the election that was the message that even president obama and john boehner and the entire leadership, we saw that incredible image of the minority and majority leaders on both houses come out saying things that sounded like they were going to cooperate. but, you know, only in washington can that mean nothing quickly. but i do think, look, let's put this in perspective. we have a game of chicken going on here with a lot of posturing. there's 30 days to get this done, which for washington time it's like dog years. it's an eternit
the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other....
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Dec 6, 2012
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these taxes the president wants. if begive him all tax increases it pays for 8 and a half days of government. it doesn't do anything for middle class it will destroy middle class job creation. the more we tell people that the stronger we will be in being able to negotiate a solution moving forward. >> bill: handicap it real quick, is it going to happen or go into january with chaos? >> at a minimum what i hope is that we'll be able to do something here that avoids this fiscal cliff which is a creation of congress. it's a bipartisan creation. this fiscal cliff is the result of the last fiscal cliff. >> bill: that put a date on there. >> yeah. >> bill: may extend the date that's what i think is going to happen. >> my hope is is that we can avoid the bad stuff. then we have to deal with the 16 trillion-dollar debt that $1 trillion a year in deficit spending. we have to solve that. that thing is not going to solve itself. >> bill: doesn't feel like the president feels the urgency that you feel. you are one of the leaders
these taxes the president wants. if begive him all tax increases it pays for 8 and a half days of government. it doesn't do anything for middle class it will destroy middle class job creation. the more we tell people that the stronger we will be in being able to negotiate a solution moving forward. >> bill: handicap it real quick, is it going to happen or go into january with chaos? >> at a minimum what i hope is that we'll be able to do something here that avoids this fiscal cliff...
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Dec 4, 2012
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increasing marginal tax rates. limit the deduction for people above a certain level. let them be treated just like me. i'm subject to amt. let them only get deductions really for charitable contributions and for interest on a mortgage. you know, on medicare, start making more means testing for medicare premiums. right now, 95% of people get a 75% subsidy for their premium, irrespective of income and wealth. start having more means tested premiums for people above a certain level. there's a way to bridge this to a grand bargain. they need to get to work. >> david gergen, david walker, just gave you at least a short term path. but, but to get that short term path at least in the short term, sounds like the president would have to give up that trophy, the higher rates in the short term. you've advised four presidents, democrats and republicans. do you think this president is ready to do that? >> i'm not so sure, john. i have to tell you that over the last two years, i think it was the republicans who showed an arrogan
increasing marginal tax rates. limit the deduction for people above a certain level. let them be treated just like me. i'm subject to amt. let them only get deductions really for charitable contributions and for interest on a mortgage. you know, on medicare, start making more means testing for medicare premiums. right now, 95% of people get a 75% subsidy for their premium, irrespective of income and wealth. start having more means tested premiums for people above a certain level. there's a way...
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Nov 30, 2012
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tax rates. that's the democrats' leverage. our leverage, in my view, are spending cuts. the democrats don't want any domestic spending cuts. they're going to happen if there's not a deal. he doesn't want any more defense cuts either. >> by way of context, house speaker john boehner came out, has come out and said, look, we are not in support of what tom cole is saying. tell me why the republican house conference doesn't think that's a smart strategy? >> first of all, great respect for representative cole. he is a very fine man and he is a very good thinker as well, but i don't agree with him either on this one. we know that the proposal by the president is going to hit 1 million small business owners. ernst and young has told us 700,000 jobs because of that. that doesn't help the middle class at all. and this is very important we do protect the middle class and this is not the way to do that. stop just talk iing about taxes only. here's the thing. if you just look at what the president wants to
tax rates. that's the democrats' leverage. our leverage, in my view, are spending cuts. the democrats don't want any domestic spending cuts. they're going to happen if there's not a deal. he doesn't want any more defense cuts either. >> by way of context, house speaker john boehner came out, has come out and said, look, we are not in support of what tom cole is saying. tell me why the republican house conference doesn't think that's a smart strategy? >> first of all, great respect...
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Dec 6, 2012
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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Dec 4, 2012
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in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i saw jason johnson shaking his head no. >> this is not true. they haven't specified what any of these taxes are. they're trying to sell people a bridge and you don't even know where the bridge is going. that's one of the reasons the white house rejected the plan but here is the other reason why the republicans are eventually just going to go along and raise taxes and deal. the most important number in this whole debate is 56. 56% of the public according to a recent poll will blame the republican party in congress if this deal does not get done. they do not need another public relations hit after being sh
in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i...
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Dec 3, 2012
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don't hold those tax breaks for millionaires hostage. let's reduce taxes for the middle class. that's something that we all agree on fine let's get it done. if we believe we need to make certain investments which we do to grow the economy, in infrastructure and innovation and making sure america is always on the cutting-edge of new entrepreneurship, the fact is that we want to do that, the president has put that forward, the election does make a difference, the president is absolutely strong about this. look i was just with him on friday. he came to my district. was at a business. they are showing some of that video right now. local business in my district that was a toy manufacturer and what they said to the president, what they said to me is we, we make more toys when there's consumer demand. let's make sure that middle class americans have dollars in their pockets, they continue to have confidence as consumers or grow that confidence and that our businesses, large and small respond to that, that they begin to see so stability. this is time when we're calling on speaker boehn
don't hold those tax breaks for millionaires hostage. let's reduce taxes for the middle class. that's something that we all agree on fine let's get it done. if we believe we need to make certain investments which we do to grow the economy, in infrastructure and innovation and making sure america is always on the cutting-edge of new entrepreneurship, the fact is that we want to do that, the president has put that forward, the election does make a difference, the president is absolutely strong...
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loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then, you know, that's the choice they're going to have to make. >> emily joins us live from washington. emily, the zinger sound bites, they're all piling up. what is the actual strategy behind all this political theater? what are you hearing from the republicans and from the democrats? >> reporter: you know, less than a month out now from going over the fiscal cliff. even talk about p
loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >>...
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Dec 6, 2012
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by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup? >> reporter: the governor has to cross ts and dot is to make this official. like in washington state, there's uncertainty about what the federal government is going to do before we can really have fully implemented legalized marijuana here. take a look. on election day colorado voted to legalize marijuana and by early january the governor will make it official. but don't expect the streets of denver to look like this. smoking pot in public will remain illegal but behind closed doors the times are a changing. >> adults 21 and over can possess small amounts of marijuana and grow small amounts
by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup?...
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Dec 2, 2012
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avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they have actually asked for more revenue than they have been asking for the whole entire time. >> in other words not quite a good place to be, but both sides agree that the government needs to raise more money. how much and how they do it are two of the major sticking points. >>> and protests and a constitutional crisis, what is next for egypt. we'll dig deeper into the struggle for power between conservative islamists and liberal secularists. and later, brad pitt talks about his future with angelina jolie. >>> and a dog reunited with his owner after s
avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a serious offer on the table by putting revenues up there to try to get this question resolved....
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Dec 3, 2012
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he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >> that's a good question. are you at all surprised that they're both negotiating in public with specific details of their respective plans instead of just doing this quietly behind the scenes, let their representatives go about a serious negotiation? >> there are some staff members on capitol hill who are circulating what they think will be ultimately where they have to -- as we get closer to christmas, sit down and cut out a deal. ip not surprised the republicans came forward with a public counterproposal because they thought the president was winning i
he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >>...
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most economists are telling us this tax increase will not have very much impact in terms of growth. if you talk about essentially raising taxes on 98% of americans either through some kind of crazy deduction plan or just letting the bush tax cuts go, that can have a very, very severe effect on the economy. >> as usual dr. peterson makes a superb point. president clinton used to say if you want to live like a republican, vote for a democrat because they will give you better economics. and the fact of the matter here is if you poll economists, they will tell you that raising the rates on this top 2% has virtually no impact but when you begin to go after the mortgage deduction, when you begin to go after chair itses, that's when you have some economic chill you bring into the economy. so isn't it strange that the republicans and conservatives have said that obama doesn't understand the impact of fax policy on the economy whereas almost all economists are saying the obama approach is far superior to that that the republicans offer. >> thank you both for joining us on this friday afterno
most economists are telling us this tax increase will not have very much impact in terms of growth. if you talk about essentially raising taxes on 98% of americans either through some kind of crazy deduction plan or just letting the bush tax cuts go, that can have a very, very severe effect on the economy. >> as usual dr. peterson makes a superb point. president clinton used to say if you want to live like a republican, vote for a democrat because they will give you better economics. and...
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Dec 5, 2012
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that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i understand that you are saying that there's no legislation that's been on the floor. but when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get serious about solving this problem. >> mr. speaker, does the conference perhaps realize that you don't seem to be negotiating in all of this? >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising rates. because raising
that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i...
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number one, tax revenues have remained about the same regardless of tax rates. the government sort of takes in about the same regardless. and while federal income tax rates have gone down for lower and middle income families since 1980, state and property taxes have gone up by about the same amount. so federal has gone down. so here is my bumper sticker for you guys. maybe i'll print it up this weekend. >> sure. >> blame your mayor and governor. don't blame your president. >> okay 0. see, on that note then, joe, i just -- i know that it's not -- when he says i won and you don't like it, he's just putting out something there that just seems like a little tone deaf to what republicans want to hear. there are some, the consumer confidence, housing, the news on the economy, there are some signs that perhaps this administration might know what they're doing. is that fair to say? >> hold on. >> so you can't say it. >> i can't even say it. >> why don't you pull a mitch mcconnell on me? brian sullivan, thank you. all right, coming up -- >> that's how mitch mcconnell lau
number one, tax revenues have remained about the same regardless of tax rates. the government sort of takes in about the same regardless. and while federal income tax rates have gone down for lower and middle income families since 1980, state and property taxes have gone up by about the same amount. so federal has gone down. so here is my bumper sticker for you guys. maybe i'll print it up this weekend. >> sure. >> blame your mayor and governor. don't blame your president. >>...
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capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren buffett makes, the type of money that mitt romney makes, the type of money that bill gates makes. those people aren't paying 14% taxes when the rest of americans are carrying the full load. >> i think to your point about the party on this issue, absolutely. i think the party has a window now to come to the table in an honest way to be, again, the party of the middle class. more importantly, joe, to be the party of the poor, to make the argument of elevating people out of poverty into ownership through our tax syst
capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren...
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no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care. there's more we need to do. >> we need to engage and the white house is acknowledging this. do you not go along with the president? >> yes, sometimes i disagree with the president. >> yes, that is true. >> but if we are talking about making medicare more efficient, lowering the cost of prescription drugs to medicare, that's a reform along with their other reforms. >> how about this reform, raising the eligibility for medicare from 65 to 67 over several years? >> no. >> why not? >> why not? because there are working people out there w
no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care....
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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it's not increasing taxes on the wealthy, it's just blanketly you increase taxes. so you've got all this noise going on. and boehner's got to try to figure out a way to give these guys some cover but know he's got to cut the deal. to your point, leigh, about how do you begin to pull it from the big plan to a smaller plan, that's really what the white house and boehner quietly are talking about. >> and what we don't want also is i think a kind of down payment deal that sort of makes it a two-part deal that just delays everything. >> i think you're going to get some of that. i think you'll probably get the big deal for the middle class. okay, we're going to take that off the table. and graham and others have said that. we know we're not going to raise taxes on the middle class. let's let the bush tax cuts stay in place for the middle class. and then it becomes a little bit more of an interesting conversation when you're only dealing with a smaller percentage of the plan as opposed to the big piece right now. >> so how does he -- how does john boehner save face? you t
it's not increasing taxes on the wealthy, it's just blanketly you increase taxes. so you've got all this noise going on. and boehner's got to try to figure out a way to give these guys some cover but know he's got to cut the deal. to your point, leigh, about how do you begin to pull it from the big plan to a smaller plan, that's really what the white house and boehner quietly are talking about. >> and what we don't want also is i think a kind of down payment deal that sort of makes it a...
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at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around the economic cloud hanging over the country. mortgage rates are expected to stay low through 2014. home affordability is as good as it it's been in generations. that's going to attract buyers who spent the last few years waiting for prices to bottom out. that's going to help millions of homeowners who currently owe more on their homes than the home is worth. the home prices rising, confidence will return. and longer term prospects also have some real hope in america. we're in the midst of a domestic energy boom that will fuel growth for y
at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around...
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tax the rich. tax the rich. we tax the rich. everything will be fine. if we don't tax the ruch, locusts will descend from the heavens. that's all they do. that's all they've been doing for ten years. after 9/11 we should have had sacrific sacrifice, but bush cut taxes on the rich. everything is about bush tax cuts. >> my favorite montage that we put together one time was during both the '04 presidential democratic primaries and the '08 democratic primaries, every single presidential candidate, at one point, from hillary clinton to barack obama, from john kerry to john edwards, all of them, they all played for their plan with this simple phrase, "rolling back the bush tax cuts." they've been doing it for eight years. so politically, that's why the president has to draw that line in the sand. >> he draws that line in the sand, but harold ford, what happens when republicans, at least a small number of them, go ahead and raise taxes on the top 2% and then turn to the white house and say, okay. now we'll move. and then they have to talk about how they're goi
tax the rich. tax the rich. we tax the rich. everything will be fine. if we don't tax the ruch, locusts will descend from the heavens. that's all they do. that's all they've been doing for ten years. after 9/11 we should have had sacrific sacrifice, but bush cut taxes on the rich. everything is about bush tax cuts. >> my favorite montage that we put together one time was during both the '04 presidential democratic primaries and the '08 democratic primaries, every single presidential...
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our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the world. >> erick, quickly, you say it's better to go over the cliff than accept what the president's offered? >> yeah. i absolutely think so. the republicans unfortunately for people like me are willing to raise taxes to the tune of $800 billion. the democrats want to argue with them over the mechanism. and it's the mechanism that would hurt small businesses. the republican negotiating hand winds up being a little better on the other side. the fiscal cliff is the maximum of what ghkts want. you've got howard dean saying we need to raise taxes on everybody, not just the rich. steny ho
our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the...
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also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of elementary. what they're doing, both sides really, is doing a lot of posturing and waiting until they get close to the deadline if not go over the deadline because they feel if they go over the deadline, they're in a position to tell their hard core supporters, look, we have really got to make this deal now or that's the end. the economy goes back into recession. it's almost as if they can't strike a deal before you get to the very end, which is understandable. the problem is when you play this game, you can make a terrible mistake, and you know, they're gambling with the whole country here right
also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of...